Does Marijuana Legalization Hurt Property Values?
For now, Green Thumb Industries is a rare thing in the ever-growing cannabis business: A big marijuana company, publicly traded and with a billionaire investor, that is not also Canadian.
The company says it has “consumer packaged products” in eight U.S. states — including New York, which thanks to its extremely limited medical marijuana program, has probably the most latent demand for marijuana of any state in the country — and was recently awarded five dispensary licenses in Ohio. Green Thumb is now setting its sights on New Jersey, where its plans are running into a novel argument: This big company, maybe possibly a candidate to become a U.S.-based cannabis unicorn with a massive valuation, stands accused of wrecking property values.
In a redux of a scene played out in numerous other states, New Jersey is in the midst of a frenzied stampede for lucrative marijuana cultivation licenses. The state’s Department of Health will issue just six permits to cultivate cannabis. One hundred and forty-six applicants are vying for one of these licenses, with 51 applicants angling for one of just two licenses in southern New Jersey alone, according to the Courier Post.Learn More
Smart Technology Garners Crowds And Attention
Two years ago, the belle of the ball at the fall farm shows was a “concept” autonomous tractor showcased by CNH. No doubt, it was cool. But the problem was it was still a “concept,” and no matter how badly you wanted to be the first farmer in your county to own one, it wasn’t going to happen any time soon.
Fast forward two years, and one small ag tech startup has turned CNH’s concept into reality. A company called Smart Ag is the one turning heads as it rides the “autonomous” technology wave that is very quickly propelling the automobile industry toward a “driverless” future. Smart Ag is turning existing guidance-capable tractors into autonomous ones with a real purpose.Read More[Back to Top]
ASFMRA Joins Letter Urging Delay of ERS/ NIFA Relocations
ASFMRA joined 45 other organizations urging Congress to direct USDA to delay the planned relocation of the Economic Research Service and the National Institute of Food and Agriculture. Because USDA is currently funded under a continuing resolution (CR) for FY 2019 through December 7th, 2018, the letter urges Congressional Appropriators to direct UDSA to delay the planned relocations until full funding is provided for FY 2019. The planned relocations outside of Washington D.C. have raised concerns among the agricultural scientific and statistical community. A copy of the letter can be found here
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Landowner Issues: Trends of Farmland Value and Rental Rates in Illinois
BOURBONNAIS, Ill., — The program Landowner Issues: Trends of Farmland Value and Rental Rates in Illinois will be presented from 9:30 a.m. to noon Oct. 26 at the Kankakee County Extension office, 1650 Commerce Drive, Bourbonnais.
Both farmland values and rental rates have seen significant increases over recent years. Both appear to be holding steady for now. What are the prospects that this situation might change? What impact do agricultural commodity prices have on land rents and values?
You are invited as landowners and farm operators or managers to a presentation on farmland informational event to be presented by guest speaker Dale Lattz (vice president, Piatt County Farm Bureau, and part-time staff at U of I Ag-Economics Department). Presentations will cover future projections of farm leases, farm prices, and the variables that landowners should consider when determining fair rents for operators. Your questions/concerns will be addressed as best as possible.Read More[Back to Top]
Senate Banking Committee Reviews Implementation of Economic Growth, Regulatory Relief, and Consumer Protection Act
The Senate Banking Committee held a full committee hearing on October 2nd to review the Implementation of the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155). Joseph Otting, Comptroller, with the Office of the Comptroller, Randal Quarles, Vice Chairman for Supervision, with the Board of Governors of the Federal Reserve System, Jelena McWilliams, Chairman, with the Federal Deposit Insurance Corporation and Mark McWatters, Chairman, with the National Credit Union Administration were called as witnesses. Recall, S. 2155 contained a provision, section 103, that allows regulatory relief in rural areas for federally related transactions valued at $400,000 or less.
Senator Heitkamp, (D-ND) asked about the implementation of the section 103 as well as the North Dakota appraisal waiver request to the ASC starting at the 2:06:32 mark. You can watch the hearing and read the testimony of the witnesses here
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Analyst: Trade War with China is Justified
Trade issues with China continue to hang over the market. After a meeting with North Korea over the weekend, U.S. Secretary of State Mike Pompeo called the issues with China a “fundamental disagreement.”
It’s that disagreement not only weighing on U.S. commodities, but also hurting China’s economy. Farm Journal Washington Correspondent Jim Wiesemeyer said China’s central bank cut the amount of cash lenders must hold as reserves for the fourth time this year. It’s that move that Chinese leaders hope will shore up activity in the midst of what Wiesemeyer called a “faltering domestic economy.”
Chinese stocks responded negatively to the news on Monday, with Chinese stocks plunging. The China A50 - which includes major companies from both the Shenzhen and Shanghai indexes- fell 4.8%.Learn More[Back to Top]
Farmland Sale: $10,000-Per-Acre Bid Wins Northwest Illinois Land Sale
For 45 of their 71 years of marriage, Bill and Donna Hofman were partners on their family farm near Aledo, Illinois, in the northwest part of the state. They raised five children on that farm. They were community leaders who enjoyed dancing, playing cards, and, in Bill’s case, collecting antique cars.
Bill died in 2015; Donna died earlier this year. To settle the estate, family members dispersed of their property. On October 10, the fourth – and final – sale of the Hofmanns’ land occurred.
“They were longtime farmers and were well-respected,” says Dale Jones, auctioneer.Read More[Back to Top]
Welcome New Members
Thank you for being a part of ASFMRA! Help ASFMRA welcome our new members and thank them for choosing the Society as the organization that they desire to be affiliated with. ASFMRA continues to support rural property professionals and offers services, resources and education which will be of benefit to all of our members, both professionally and personally.
We are recognizing new members of the Society on a monthly basis. You may recognize your colleagues in the following list and we encourage you to welcome them into ASFMRA!
Joseph Bell with Hancock Farmland Services in Pineville, LA (Mid-South Chapter)
Angela Buesse in Sycamore, IL (Wisconsin Chapter)
Dana Drew in Benson, IL (Illinois Chapter)
John Dickson with Brazos River Authority in Waco, TX (Texas Chapter)
Stephen Dotta with Farmland Management Services in Madera, CA (California Chapter)
Gregory Duerksen with Kincannon & Reed in Richmond, VA (Northeast Chapter)
Thomas Engrahm with Farmland Management Services in Chowchilla, CA (California Chapter)
Denelle Flake in La Grange, CA (California Chapter)
Monte Ireland in Allerton, IL (IL and IN Chapters)
Peter Isaacson with Peoples Company in Clive, IA (Iowa Chapter)
Michael Kersten with ML Kersten in San Antonio, TX (Texas Chapter)
Joseph Marchy in Cedarville, CA (CA and OR Chapters)
Scott Matthys with Hancock Farmland Services in New Carlisle, IN (Indiana Chapter)
Austin O’Neill in Moscow, ID (Idaho-Utah and Washington Chapters)
Michelle Patton with Chapman & Patton in Oakdale, CA (California Chapter)
Mary Perry in Fresno, CA (California Chapter)
Sheldon Rayhel in Marshall, IL (Illinois Chapter)
Michael Roots with Farmland Management Services in Modesto, CA (California Chapter)
Mark Royall with Hancock Agricultural Investment Group in Bradenton, FL (FL, GA, and NC Chapters)
Dennis Schneider in Porterville, CA (California Chapter)
Scott Siemens with CBRE, Inc. in Minneapolis, MN (Minnesota Chapter)
John Stotts with Stotts Family LLC in Elmhurst, IL (Illinois Chapter)
Aaron Taylor with Kidder Mathews Inc. in Portland, OR (Oregon Chapter)
Danielle Walchli in Clovis, CA (California Chapter)
Aidan Walton in Normal, IL (Illinois Chapter)
Jeffrey Wenger with Hancock Farmland Services in Modesto, CA (California Chapter)
Kurt Wittler with Farmers National Company in Norfolk, NE (Nebraska Chapter)
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Share Your Experience
You know first-hand what a great organization ASFMRA is and what it means to you both professionally and personally. Pass that benefit on to others that you know who would benefit from membership with The Most Trusted rural property professional organization – ASFMRA! Talk to those you know who would benefit from ASFMRA’s educational offerings, networking, and meetings. Let them know your experiences of being involved in this great association and some of the business contacts you have made along with lasting friendships. Your peers listed below have done just that! They spoke to individuals about ASFMRA and those individuals have now become members of ASFMRA!
Mark Akers, ARA
Lowell Akers, AFM, ARA
Lucas Avila, AFM
David Baughman, AFM
Don Colter, AFM
Carl Evers, III, AFM
Michael Lauher, AFM
Matt Marschall, ARA
Mickey Nixon, ARA
Brent Reed, AAC
Addison Taylor, AFM
Thank you to all who have referred someone and in some cases, more than one, to join ASFMRA.
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